Trump to Nominate Joseph M. Otting as Acting FHFA Director
President Donald Trump today named Comptroller of the Currency (OCC) Joseph M. Otting as acting director of the Federal Housing Finance Agency (FHFA) when current FHFA Director Mel Watt’s term ends Jan. 6. Otting would serve as acting FHFA director until a permanent director is confirmed and would concurrently carry out his duties as Comptroller of the Currency. If the Senate does not confirm a permanent director by March 1, it will be up to Otting whether to transfer Fannie Mae and Freddie Mac allocations for the Housing Trust and Capital Magnet Funds set aside throughout 2018 to HUD and Treasury, respectively.
On Dec. 11, Trump announced his intent to nominate Mark Calabria, chief economist for Vice President Mike Pence, as permanent director of FHFA. The Senate Banking Committee has not scheduled a nomination hearing for Calabria.